Zoopla such a joke!!

OnTheUp_2-2

Zoopla is so rediculous, I have no idea how they think they could be used as a reliable source.

Firstly they base all house prices on their sold prices, which doesnt take into consideration the condition of the home etc. so if you brought a run down house at a knock down price, based on their calculations you would never make a profit!!


Also how can it be that nationwide report a 0.7% increase and yet on my property they have knocked off 6k overnight ????

Doctor_Gloom

OnTheUp wrote: »

on my property they have knocked off 6k overnight ????

That'd be about right. Zoopla are impartial whereas Nationwide has a vested interest in ramping house prices upwards. I know which one I'd believe first.

IveSeenTheLight

Doctor_Gloom wrote: »

That'd be about right. Zoopla are impartial whereas Nationwide has a vested interest in ramping house prices upwards. I know which one I'd believe first.

A statement of dillusion.

Zoopla even have a confidence rating for how well they think they value properties.
Generally, they're not very close in my experience

googler

OnTheUp wrote: »

Firstly they base all house prices on their sold prices, which doesnt take into consideration the condition of the home etc. so if you brought a run down house at a knock down price, based on their calculations you would never make a profit!!

Also how can it be that nationwide report a 0.7% increase and yet on my property they have knocked off 6k overnight ????

All house price indices base their averages on sold prices, and ignore individual condition. Zoopla is no exception. How would any collector of data know the individual details of every property?

Regarding second point, maybe prices have increased at the national level, but dropped in your street/town/county ???

ukcarper

It's rubbish just valued mine and it's values it at 25k less than a similar house sold for last year thats detached and a semi has just gone under offer for more than the detached.

bigheadxx

Just valued mine and it was spot on to what I would realistically expect given the current conditions. I have factored in a £30,000 drop in value since 2007 and I think other house price fantasists sholud start doing the same.

ukcarper

The above house sold in 2007 for £285k then in 2009 for £277k and as I said a semi which has the same layout but is smaller has just gone under offer for more so i dont think the £252k it value my house at is very accurate

Doctor_Gloom

IveSeenTheLight wrote: »

A statement of dillusion.

Au contraire. It tends to be house owners/vendors that are deluded.
They always think their houses are worth more than they really are. Only when they try to sell their property is their delusion exposed for all to see.

GDB2222

Zoopla just pushed their valuation of my house up by 40% as my neighbours just sold for double what they bought the place for in 2006.

HAMISH_MCTAVISH

OnTheUp wrote: »

Zoopla is so rediculous, I have no idea how they think they could be used as a reliable source.

Firstly they base all house prices on their sold prices, which doesnt take into consideration the condition of the home etc. so if you brought a run down house at a knock down price, based on their calculations you would never make a profit!!


Also how can it be that nationwide report a 0.7% increase and yet on my property they have knocked off 6k overnight ????

Zoopla operate on a straight average for the area, if more cheaper houses sell, then the average reduces. They don't actually have much info about what houses are what size, and 2/3/4 beds etc. That relies on user input, so it's patchy at best.

It's irrelevant anyway, as if their estimate of price is wrong, you can just email them and give details of size/comparable recent sales/correct estimated price, and they'll adjust their estimate of your house.

IveSeenTheLight

Doctor_Gloom wrote: »

Au contraire. It tends to be house owners/vendors that are deluded.
They always think their houses are worth more than they really are. Only when they try to sell their property is their delusion exposed for all to see.

Au contraire, regardless of someone being a house owner, zoopla cannot get their own figures straight.

I know two identical properties that sold on the same street within weeks of each other for a similar price about 6 years ago, Zoopla now estimate them to be £50k different with no modifications to either.

That is dilluded